Economics – 11/10/15

I.  Bellwork: Questions & Answers

A.  Figure 5.6 Page 134

1. At what number of products is the break-even point in on the table achieved? Estimate a range.
2. At what number of workers is the profit-maximization level achieved on the table and explain why this choice is correct.
3. Explain the advantages e-commerce stores have over traditional stores? (Page 135)

II.  Objective

• Construct and analyze the production function and other decision making models which are used to make business decisions.
• Determine the meaning and functions of words and phrases;
• Create a hypothetical business and differentiate between variable and fixed costs incurred in the operation of the business.

III. Classwork

• Chapter-5-Review1
• Kahoot Review of Chapter 5
• Variable and Fixed Cost Business  

IV.  Ticket Out  (3-4 sentences each)

• Explain the concepts in Chapter 5.3 you know?
• Explain those concepts in Chapter 5.3 you need to review?

Economics F2015